What do you think it is worth? State Farm-

[69LM1]

Hi,
I am arguing with State Farm as to what my car is worth. Of course, I think it is worth more than they want to insure it for. Before I go get it appraised, what (ballpark) do you guys think it is worth on the open market?
I need to get some "supporting" data for them to consider anything more than $12,000.00 (which it seems that junk is bringing these days). They want to insure it for $10,000.00 and I would like to see it insured for $18,000.00, especially since there are less LM1 optioned cars surviving than SS 350's.

The car can be viewed at: http://www.nois.net/69lm1/camarolm1.htm
(three large pics)

It is a late 68 produced 1969 Camaro, frame "on" restored. It is super original, to include the factory smog system and the reverse lockout (usually the first things disconnected). It is it's original "Hugger Orange". It has the rare (ok, not CoPo rare, but not common either)LM1 350 option, which as was usual came with the 12 bolt multi leaf rear, tach and gauge package. It still sports the "PBT" stamps on the firewall. Although the trim tag does not show deluxe interior, it has the original deluxe interior as well as recovered comfort weave seats. The door panels have the lock holes placed in the further back "68" placement supporting their being original. Another unusual original feature of this car is that it came from the factory with the spoiler option, but being late 68, it got the 68 "short" spoiler installed (It has the 1 larger supporting "rod" in the trunk). The unusual item is that it also has the rear installed antenna! Normally, the rear spoiler will not work with a rear mounted antenna as the spoiler would hit the antenna every time you opened the trunk. With the 68 short spoiler, the spoiler passes the antenna just fine. The only thing I have left to do is to install the dash pad and

I have added three things that are not original to this car:
1. Fold Down rear seat (correct Camaro short seat, with arm rests and metal extensions)
2. SS Hood (A real one, not a repo)
3. Hockey stick stripes (painted, under the clear, not stickers).

Please no "Well, whatever the value is to you" sort of thing. I am trying to get a fair idea of what the replacement market value would be on this car for the insurance company and want to make sure that I am not being unreasonable as to the value I think it is worth.

Any opinions?

Thanks in advance,

Rich

[Unreal]

Don't go to stater farm, they do not have the right kind of insurance. Go to one of the collector car insurers like Hagerty, Grundy, Condon and Skelly. They will give you agreed value insurance which is not depreciated.

[69LM1]

Can you get insurance from them that lets you drive the car anytime you want? It was my understanding (presumption) that they severely limited you (back and forth to shows, xx miles per year etc) on usage. I would like to be able to take the car out anytime a nice day comes around (and when I do not have to go into New Orleans to see a client or I *know* I will be needing that insurance http://www.yenko.net/ubbthreads/images/graemlins/smile.gif ) or just to drive to the coast with the family on the weekend.

[SS4Real]

That is very good advice. As long as your car in not a daily driver, specialized insurance companies like Hagerty will give you great coverage and a much lower rate.

[sYc]

One of our site sponsors is MK Collector Car insurance CO, (logo at top of page). Give them a call at 866-695-2774, I am sure they will treat you right. http://www.yenko.net/ubbthreads/images/graemlins/biggthumpup.gif And, by the way, do not forget to mention the sYc. http://www.yenko.net/ubbthreads/images/graemlins/wink.gif

[Belair62]

HEY...........call our sponsor M-K at the top of the page for cryin out loud...she is pretty awsum...ask for Tammy...website not up yet but if you hold your cursor on the logo her number pops up....try her out.

[69LM1]

OK,
I'll try her. But:

1. Can you drive the car anytime you wish with these types of insurance? OR are you restricted to shows?
and
2. Any ideas/opinions on worth for my 69?

[Rick H]

I had no problems getting the correct and proper insurance for my 1967 Camaro RS through State Farm. They required an appraisal and pictures of the car. It was very easy and they insured the vehicle for the appraised value.
Some of the other classic car insurance places placed to many limitation on what, when, where and how I could drive my car. Although I drive it less then 2000 miles a year, I wanted the freedom to drive it when I wanted and State Farm had just what I needed. They also have the same type of insurance the classic car places have, just ask them for what you want.

Rick H.
67 Camaro RS
65 Biscayne

[Mr70]

I think your Value of 18K is reasonable and fair for both parties.But that is my opinion here,these things are priced differently in other regions of the country.Easy to understand if your agent feels differently about your Valued price.
I Have been with State Farm for my Chevelles insurance Since they started offering Antique car insurance in 1997.I was with American,but I did not like them.
I submitted an Amount I felt it was worth,with out any Appraisal.They looked at the pictures,and also Agreed with me.Yes it is an Agreed amount,so no Surprises if something happens.Mine does have IL. Antique Plates,and I am Limited to Only Carshows and Parades,etc.No Errands or Joyriding Late at Night.Plus the fact I have everything else in My Life insured with them,means a significant discount.
I Like Them,and my Personal Agent. http://www.yenko.net/ubbthreads/images/graemlins/biggthumpup.gif

[hvychev]

I also have State Farm for my collector vehicles but will be changing soon. I personally think that they are to expensive for these types of vehicles and I am not to crazy about them anymore although I do like my agent. I am going to go with either Hagerty or MK.

[68l30]

I filed a claim with State Farm last year on my Camaro.......I am switching to Hagarty...I had there Classic policy which didn't matter at the time of a claim.They soak you for more money but don't expect them to pay out.. http://www.yenko.net/ubbthreads/images/graemlins/thumbsdown.gifVery disappointed,but I should have known better.My situation was not a total loss.I did however need a substantial amount of paint work.They would NOT repaint the whole car.The cost between the work done and the whole paint job was minimal.It was just not there policy.Be careful.The price is not much different ,if not cheaper, to use the correct coverage...


Steve

[68l30]

My State Farm agent reccomended Hagarty as well,what does that say.....

Steve

[Unreal]

My house and 4 family cars are insured with State Farm. I talked to them about insuring my Camaro, and they have "Stated Value" or some term similar to that. That means that they agree to a starting point, which in your case would be $18,000. Then, in the event of a claim, they depreciate the 18,000. In a total loss, you will get a whole lost less than the replacement value of the car. Specialty insurers recognize that these cars APPRECIATE not DEPRECIATE.

[Chevy454]

<font size="4" color="#D00030">MK Collector Car Insurance, 866-695-2774</font>

[GaryH]

I looked into several different classic car insurers and decided to stick with State Farm. I'm in the process of doing the stated value deal right now. I know the specialty insurers are cheaper but look at the coverage and allowable driving of the vehicle. Every one only permitted driving the vehicle for a special purpose. Club event, cruise, parade etc. No way can you take it to work or the store. No joy rides either. Then there is the coverage. Look at the liabilities. The amounts were no were near enough. Increasing them took it above my State Farm costs. No tort stuff and no stackable liabilities either. If you get in an accident and kill someone I don't really know where you stand in a big law suit. I've had many claims with SF and most have been on Corvettes and my Camaro. The claims have always been paid in full no questions asked. Yes, I've had problems with the quality of the repairs but that is not an insurance problem. I swear my cars have targets painted on them. I could tell some real stories. Do any of you know anyone else that has hit a bowling ball while driving down a 4 lane highway? I've never gone more that two seasons without someone hitting me, throwing something at me, door banging me at cruises etc. http://www.yenko.net/ubbthreads/images/graemlins/dunno.gif

[ohhawk]

Unless something has changed with State Farm in the last 12 months they do not "guarantee" a value for your classic auto. Ask to see where it states that in writing in their policy don't just go by what an agent might tell you. There is a difference between "stated" value and "actual" value. In most circles "actual" is the type that is used with the specialty carriers (Hagerty, Grundy, etc.). They will guarantee to you a value for your car once that value is agreed upon between the two parties. They may or may not agree with your assessment of the value of your car but they will give you an "actual" value that you can hang your hat on.

If you have a high dollar car and are insured with State Farm I think you might want to do some homework. Yes, the specialty insurance companies are more restrictive in how you can use your auto but that's what you give up for the guarantee. If you can't live with the restrictions in their policies then State Farm (and others) might be your best choice.

I am not in the insurance business so don't claim to be an expert but this is what I learned in examining this issue closer a year ago when I had coverage with State Farm at the time and moved to a specialty carrier after closer review.

[69LM1]

Ummm, Geeee, Welllll. OK, to summerize:

1. Check with SF and see what they pay out in the event of an actual claim. I do not have antique plates on the car and it is listed as a daily driver (although it is not) so I can drive it anytime I want. That is why I did not go with the SF antique insurance.
2. As per some advice here, have the car "appraised" and submit that to State Farm.
3. If switching to haggerty et al, check on payout in case of personal injury.

So, State Farm will pay in case of a catastrophic injury accident, but will screw you on what the car is worth. "Antique" insurance will pay for the car, but may not take as much care with regards to personal injury (remember, I live in New Orleans where they had to install camera's into the buses due to the fact that when one got into a wreck, more people would show up injured at the hospitals than could fit on a single bus).

So, I guess like everything else, you get screwed coming and going.

Makes those guys many years ago look good with that tea party thing, only we need to do it with Doctors, Lawyers and Insurance Companies!

[Unreal]

When my policy comes due, I'm going to chek nout MK.

However, with Hagerty, you can get liability equal to your other car limits- you just need to show them your other policy. Also there is no limit to miles, or where you drive, or where you park. They only require that you have at least one car for every driver in the household, and that you store it in a garage attached to your primary residence. No sheds, storage garages, etc.

[Mark_C]

No matter who you get insurance from do NOT get a Stated Value policy. In insurance lingo Stated value is the maximum amount that will be paid in the event of a total loss. It is subject to depreciation and adjustments based on other cars sold in the area. In the Insurance Co.s eyes there is no difference in value between a 327/210HP base Camaro and a 427 COPO Camaro. They are both 12437 series Camaros. an they will whip out the local sale paper find a bunch of 5K camaros for sale and offer you that amount of money, end of story.

You must have an Agreed Value policy, and the policy must state this in writing. Otherwise you are at the mercy of the Insurance Company. Not many of the larger companies, like State Farm, Liberty Mutual, Commerce, etc offer "AGREED VALUE" policies. They will offer you "stated value" policies where you essentially pay higher premiums for the same amount of insurance you would have had if you just walked in off the street and wanted regular insurance. The Liability, uninsured, underinsured driver portions of your insurance are extra and have nothing to do with stated, agreed or normal insurance since that part is basically collision and comprehensive coverages.

Check your policies.